Theodore R. McKeldin, Governor                   205

same bid, and such bid is the highest and the Certificates so bid for
by the highest responsible bidder are in excess of the whole amount
of the Certificates offered for sale, such bonds or Certificates of
Indebtedness shall be awarded to such responsible bidders bidding
the same price in a ratable proportion; or if any insufficient price
be bid for them, they may be subsequently disposed of under the
direction of the Board of Public Works at a private sale upon the
best terms they can obtain for the same; provided they shall not be
sold at private sale for less than par and accrued interest.

Sec. 4. And be it further enacted, That the sum of Twenty-five
Thousand Dollars ($25,000), or so much thereof as may be neces-
sary, shall be paid by the Treasurer of the State upon the warrant
of the Comptroller out of the proceeds of the sale of said bonds or
Certificates of Indebtedness for the payment of the expense of en-
graving, printing and other outlays connected with the issue of the
loan hereby authorized, and for the payment of the advertising
directed by this Act, and all other incidental expenses connected with
the execution of its provisions in connection with said loan.

Sec. 5. And be it further enacted, That the actual cash proceeds
of the sale of the Certificates of Indebtedness to be issued under this
Act shall be paid to the Treasurer of the State upon the warrant of
the Comptroller, and such proceeds shall be used exclusively for the
following purposes:

1.  The Comptroller shall immediately upon the sale and the pay-
ment for said Certificates, first, return to and credit to the Treasury
for a sum equivalent to the amount expended, as provided in Section
4 of this Act.

2.  The remainder of the proceeds of said loan shall be credited
on the books of the State Treasury Department to be expended to>
supplement the financing of the construction of public school build-
ings and public school facilities, and to supplement the cost of the
acquisition of such real estate as may be required in connection
therewith by each of the Counties in this State and by the Mayor
and City Council of Baltimore. Such financial assistance shall be
granted for the purposes stated hereinabove to each of the Counties
in this State and to Mayor and City Council of Baltimore upon the
following terms and conditions:

(a) Whenever any county or the City of Baltimore desires to
participate in the financial assistance which is provided for under
the terms and conditions of this Act, said county or City, as the
case may be, shall certify a statement to the State Board of Educa-
tion showing: (1) the number, class, type and character of all public
school buildings or public school facilities required by the said
County or the said City for which funds are currently unavailable;
(2) the amount, type and character of real estate necessary in con-
junction therewith; (3) the total estimated cost of said school build-
ings, school facilities and real estate; (4) the total issued and out-
standing bonded indebtedness of said County or City; (5) the total
assessable taxable basis of said County or City as determined on the
last preceding date of finality; and (6) such other information as
may be required by regulations passed by the State Board of Edu-
cation.